Example you buy it at 85% of FMV (fair market value) lets say from a deal you acquired through a wholesaler for a fee equaling about 2% of the sales price so you're in the deal for 87% of loan to value (market value).From this example you'd only need to  pay the loan down to 75% LTV to qualify for a refinance with no MI (conventional financing).Or you can go MCM conventional and still refinance with no monthly MI as well (cannot own any other property).

I here all the pros but I see a lot of cons and the stress of trying to qualify, making sure you do have steady rent  coming in, and then trying to get another property mortgage on top of that.  

I hit the web and stumbled across biggerpockets i have been stalking the forums podcasts blogs and webinars as much as possible but hesitated to reach out. well i couldn't have found bp soon enough because i have now stumbled upon a partnership that is willing to  finance a small multi family, and put the title in my name, in exchange for 50% of future profit.needless to say i am very nervous as a couple months of reading in no way make me a qualified investment vehicle. but i am not willing to let this opportunity to enter the field of my dreams disappear. nobody in my extended social circle has any viable knowledge in real estate. so hear i am reaching out to the multitudes of knowledgable investors here on bp. i am open and grate full for any advice and criticism on any topic and would really love to find someone who understands my market.

Of course You'll need to qualify for the short sale......an inability to pay.

Most students don't have full-time jobs and don't earn enough money to qualify for properties that require income minimums. 

Submit a low offer for purchase with the high estimate for remediationThen have a qualified local contractor only remove the debris and treat but not rebuild.My sister in Alabama Had an Estimate from a much advertised company for $45,000 but it only cost $5000 to strip and essentially sterilize the basement.

Additionally, my rental was under renovation until April so I had a few months of vacancy which the underwriter counted against my income (rightfully so).Now I'm finishing up 2014 taxes and I want to ensure I display everything (of course legally) in a way that maximizes the amount a conventional underwriter can approve.Rental incomeI know I cannot use any net income from rental towards my qualifying income.. ie: If my gross income for the rental is 50k and the debt service/taxes/ins only cost 20.. 

My friend has been trying to get her ex husband to refinance in his name but he says he doesn't make enough money to qualify.

I keep seeing books on amazon but I do want to hear the graceful opinions of the people here and not from rigged reviewers.

@Angela Anderson I have rented to family for years, and from what you've written,   she sounds like a good, qualified tenant, who just happens to be your daughter!